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OIL PRICES * USA - Culprits in last year's energy spike reappear
Prices at the pump rose above $2.50 nationally over the weekend for the first time since October
Columbus,OH,USA -The Associated Press/The Trucker, by MARK WILLIAMS -1 June 2009: -- Oil prices pushed to new highs for the year Monday on a weak dollar and new data suggesting manufacturing in China has strengthened. Both of those factors helped send energy prices to record highs last summer... Benchmark crude for July delivery rose $1.34 to $67.65 a barrel on the New York Mercantile Exchange, the highest level since early November. It had traded above $68 earlier in the day... When crude prices were heading toward $150 per barrel last year, many energy analysts believed the booming economies of China and India would support energy prices globally... But right now, there is evidence that more speculative money is flooding into the market, buoying prices... The net number of large speculative positions taken on stronger oil prices rose more than 14 percent last week, according to a report from the Commodity Futures Trading Commission... A lot of that money is being driven by inflation fears as the dollar falls against other major currencies... (Photo from straightshooter: tar sands)
Labels: oil prices
posted by Unknown @ 4:46 AM
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